Westbrook displayed his happiness with the new contract by posting a picture of himself on his Instagram page, wearing an orange Thunder jersey with his arms raised, and the caption of: "WHY NOT?? WHY NOT??"

"Russell's commitment to the Thunder organization since its inception in 2008 has helped propel us to great heights and stare down great challenges over our first decade," Presti said in a statement.

" We are extremely fortunate to have an athlete, competitor and person such as Russell wear the Thunder uniform."

The 28-year-old Westbrook averaged 31.6 points, 10.7 rebounds and 10.4 assists and set an NBA record with 42 triple-doubles last season.

He joined Hall of Famer Oscar Robertson (1962) as the only players to average a triple-double over an entire season.